Nearly half of the Millennial population uses mortgage brokers to secure a home loan

Nearly half of the Millennial population uses mortgage brokers to secure a home loan

Nearly 60 percent of all new residential lending in Australia is introduced to lenders by mortgage brokers and this number is expected to rise in the future. The reason? A seamless customer experience, tailored home loan options and informed advice that has helped countless home borrowers in Australia bag great deals on their home loans and make educated financial decisions.

According to the Roy Morgan single source survey, nearly half (48.6%) of the mortgage broker customers who obtained a home loan in the past five years were Millennials. Within the generation, 42.5 percent Millennials used a mortgage broker, followed by Generation Xers (37.0%) in the second place. The number of mortgage broker customers dropped to 27.6 percent for Baby Boomers and 21.2 percent for Pre-Boomers.

Norman Morris, Roy Morgan industry communications director, attributed the dominance of Millennials in the stats to a number of factors.

“These include the fact that this generation has grown up at a time when mortgage brokers were always there and so that they are seen as a very familiar way of acquiring a home loan,” explains Mr Morris. He says another potential reason for Millennials to seek help from mortgage brokers is to get better interest rates. [Source.]

How can you benefit by working with a mortgage broker?

A mortgage broker is a seasoned expert who works on your behalf, negotiating hard with the banks to secure a competitive home loan deal for you. In addition, your mortgage broker also takes on an advisory loan in assessing your finances, determining your borrowing capacity and suggesting the most suitable home loan products for your needs.

“In today’s complex lending environment, a professional mortgage broker can add a lot of value to your home loan journey. As a home buyer, you can save a lot of time, money and hassle by working with a mortgage broker who will do all the legwork on your behalf and hold your hand throughout the application process,” says Jude, who used a HashChing mortgage broker to secure a home loan of $600,000 for his first home recently.

Jude was able to lock-in a competitive rate of less than 4.00 percent on his home loan with minimal paperwork or fuss. His mortgage broker did all the hard work, ensuring a seamless experience for Jude. Reminiscing about his experience, Jude advises all home buyers to work with a mortgage broker. “Whether you are buying your first home or refinancing, a mortgage broker will help you navigate through the mortgage market with ease,” he says.

Indeed, homebuyers who choose to work with mortgage brokers benefit from more choice, better customer service and expert advice. With a professional broker on their side, they can be assured of getting a competitive home loan that is tailored to their financial condition and vision.

Did you know that three in 10 aspiring homebuyers seek help from a mortgage broker in securing a home loan?

Speak to an expert

If you are looking for home finance, speak to a mortgage broker to understand your options better. At HashChing, we have created a network of Australia’s top brokers that you can browse.

Our broker partners bring you pre-negotiated home loan deals that could be as much as one percent lower than lender advertised rates elsewhere (compare now). In addition, they provide you on-demand service to help you find the best home loan for your situation. Start by filling this contact form or post your query online so that we can put you in touch with a verified mortgage broker instantly.